PPI Reclaiming Discussion Part 5

Nasqueron

muffinson wrote: »

Hello, I have recently been paid for miss sold PPI on my old credit card.

The Bank wrote to me and stated "agree that we miss-sold you PPI".. Step one done, I didn't use a claim company either...

The card was opened in 16 August 1995 and is still open today, although i did cancel the PPI on the 22 July 2009.

Balance today is Zero. But I never paid off the balance and often would have only paid the minimum amount due throughout the years PPI was applied.

I'm a little miffed as to how they worked out the redress.

In Total it came to £9,239.44.

They only held records from 1st May 2001, so have used my transaction behaviour from statements they do hold and with data gathered from British Bankers Association to work out the payment prior to this.

I myself do not hold any records for this account so little i can do to question their logic for those dates..

So the payment was made up of

Refund PPI Payments 2,224.83
Late Payment fees 718.00
Statutory Interest @ 8% less 20% tax 3,330.29.
Refund of Interest Charged on PPI and fees 2,966.32


Happy days, but they have not provided any details on they came to these amounts. I'm going to write to request a full and complete breakdown of their workings..

MY Question is..

My rate of APR would have been a lot higher than the statutory 8% and since i never paid off the balance i would have thought the Refund of Interest Charged on PPI and fees of 2,966.32, should have worked out a lot more than the Satutory interest paid back. My APR was 28% for long periods of time.

Does anyone have experience of questioning this element of their refund? and success of getting barclays to re-review or had a simliar payment I'd be interested to hear from you.

Cheers

You can't challenge their figures unless you have proof otherwise but you are mixing up the refund process. The 8% statutory interest is your "compensation" as the FOS decided you could have earned the money in a bank account instead (so this is a bonus for you as you would obviously not have done so), the refund of interest is the fourth line, that is where you were charged interest on the PPI payments so you are getting back what you paid. PPI was such a small charge (around 70-80p per £100 of debt), the fact you got a refund of late payment fees as well is another bonus as the PPI alone would not have caused you to get late payments

[Deleted User]

muffinson wrote: »

The Bank wrote to me and stated "agree that we miss-sold you PPI"..

Banks never use these words. They just agreed to uphold the complaint without any admission of liability.

As with post #9484, the redress is defined.

Cazclair

Hi hope I'm in the right place just enquiring if anyone has claimed from the On-Line Finance company? We got finance from them in 1999 for a car from Car Craft any advice would be appreciated thank you X

muffinson

Moneyineptitude wrote: »

Banks never use these words. They just agreed to uphold the complaint without any admission of liability.

As with post #9484, the redress is defined.

Sorry but you're wrong. The bank did apologise and admit they mis sold.

Happy to email you a copy of the letter their words are

"I have now finished investigating your complaint and agree that we miss-sold you PPI on your credit card on the 16/07/1995. I am sorry that this policy was mis-sold and we will provide refund of £9239.44"

Nasqueron

Cazclair wrote: »

Hi hope I'm in the right place just enquiring if anyone has claimed from the On-Line Finance company? We got finance from them in 1999 for a car from Car Craft any advice would be appreciated thank you X

You actually need to complain to CarCraft as they sold the finance, the finance provider has no liability unless their staff sold it to you - if a CarCraft employee sold you the finance, they have liability. Unfortunately they're likely to not have been regulated (regulation didn't start until 2005) so assuming they even still exist as the same entity as in 1999, would be able to dismiss your complaint without access to the FOS

Nasqueron

Moneyineptitude wrote: »

Banks never use these words. They just agreed to uphold the complaint without any admission of liability.

As with post #9484, the redress is defined.

I think the unwillingness to make an admission of liability may be limited, at least now, to auto-pay cases, if the bank have genuinely miss-sold then denying liability seems a bit pointless

[Deleted User]

Nasqueron wrote: »

I think the unwillingness to make an admission of liability may be limited, at least now, to auto-pay cases, if the bank have genuinely miss-sold then denying liability seems a bit pointless

It's normally legalese, so that they can't easily be sued in court.

JJ2007

Hi

I have been looking through some old Barclays bank statements from the early 2000s. As well as a monthly payment for a graduate loan payments were also taken for 'BID graduate loan' and overdraft payment protection. Both payments amounted to about £10 per month. Does this sound like PPI? Thanks in anticipation.

amersall

Call Barclays and ask what they covered you for.

It is some form of insurance, but you may have needed it.

dawny63

Hi
I had a Goldfish credit card and I am trying to claim PPI. I cannot find a way to claim as they are no longer in existence. HELP!!!